Intent of Request for Proposal
Murray City School District (MCSD) is conducting a Request for Proposal to select a new Special Pay Plan service provider for the District Separation Pay Plan. The goal is to implement services with the new service provider effective December 4, 2023. Vendor responses are due on October 30, 2023
Overview
MCSD participates in a Separation Pay agreement with retirees based on MCSD Policy. The retiree currently has the option to use the Separation Pay to buy years in the Utah Retirement System (URS) or to have the funds deposited into a Special Pay Plan (403(b) plan or a Medical Trust Account). The initial payment into the plan for the retiree typically occurs the month after their final paycheck and in January. The retiree must be able to withdraw their funds from the Special Pay Plan after the deposit is made. Sometimes, when the maximum payment allowed is less than the retirement benefit, a payment is made the month after the retiree’s final paycheck, with remaining payments made each January after that until the amount is paid in full.
